The following transactions involve intangible assets of Penner Co occurring on or near Dec 31, 2004. Write journal entries needed at the date to record the transaction and at December 31, 2005 to record any resultant amortization. Write NA if no entry is required at a particular date.
1. Penner paid Grand Co $200,000 for exc

See attached file.
PART V ? BANK RECONCILIATION
A review of the November 30 bank statement and other data of Jones Company reveals the following:
1. Balance per bank statement on November 30 $20,200
2. Balance per books on November 30 $14,388
3. NSF Check from J. Smith in payment of account $220
4. Collection

On December 1, Showcase Interiors purchased a shipment of furniture from Colonial House by paying $10,500 cash and issuing an installment note payable in the face amount of $28,800. The note is to be paid in 24 monthly installments of $1,200 each. Although the note makes no mention of an interest charge, the rate of interest u

In November 2006 after having incorporated Cookie Creations Inc., Natalie begins operations. She has decided to not pursue the offer to supply cookies to Biscuits. Instead she will focus on offering cooking classes. The following events occur.
Nov. 8 Natalie cashes in her U.S. Savings Bonds and receives $520, which she depos

Presented below are two independent situations.
(a) On March 3, Hinckley Appliances sells $580,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Hinckley Appliances' books to record the sale of the receivables.
(b) On May 10, C

8-14 (Evaluating the significance of misstatements) You are concluding the audit of Sun Island
Apparel, Inc. as of December 31, 20x1. You believe that you can tolerate $675,000 in misstatements
to pretax income. You have noted only three issues that may affect the financial
statements based on evidence found during the audit.

Dakota Company must make three adjusng entries on December 31, 2007.
a. Supplies used, $2,500; (supplies totaling $4,000 were purchased on December 1, 2007, and debited to the supplies account).
b. Expird insurance, $1,800 on December 1, 2007; the fir paid $10,800 for six months' insurance coveage in advance and debited Pr

The ledger of Elburn Company at the end of the current year shows Accounts Receivable $110,000, Sales $840,000, and Sales Returns and Allowances $28,000.
Instructions
(a) If Elburn uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Elburn determ

I do not understand the concept of this section (stock holder's equity) at all. please help. It is mostly multiple choice, short math of how you got each answer would be great so I can compare my answer to yours.
Thank you
Use the following data set to answer the first four questions. On January 1, 2007 The Def Co. issued

Totals for the month of March from payrol register of XYZ company
salaries expense $13,000
S.S and madicare texes withheld 975
Income taxes withheld 2,600
retirement savings 500
The entry to record the payment of net pay would include a
a)

Wall Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year end.
Number of Days Outstanding
Total 0-30 31-60 61-90 91-120 Over 120
Accounts receivable $375,000 $220,000 $90,000 $40,000 $10,000 $15,000
% uncollectible 1% 4% 5% 8

I am having the hardest time with these various Accounting problems. Attached are the problems. To look at the attachment will help out more so with the full description.The problems consist of preparing journal entries, cash flows using the indirect method, job order cost accounting system, units of merchandise, and computing

Please see the attached file.
Mike Palmer, a former professional golf star, operates Mike's Pro Shop at Bay Golf
Course. At the beginning of the current season on April 1, the ledger of Mike's Pro Shop
showed Cash $2,500, Merchandise Inventory $3,500, and M. Palmer, Capital $6,000. The
following transactions were completed

Norris Corporation was organized on January 1, 2007. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 60,000 shares of common stock for

Prepare journal entries for the following transactions:
a. On November 1, Year 1, Kuhner Co. received a $1,000 note receivable with a 90-day maturity and a 12% interest rate in exchange for an outstanding account receivable of the same face amount.
b. Assume Kuhner Co. closes its books on a monthly basis. Prepare any adj

During the month of March, Prouncer Company's employees earned wages of $70,000. Withholdings related to these wages were $5,355 for Social Security, $7,500 for federal income tax, $3,100 for state income tax, and $400 for union dues. The company incurred no cost related to these earnings for federal unemployment tax, but incurr

Chapter 1
5. Why is accounting often referred to as the "language of business"?
7. What are generally accepted accounting principles (GAAP)? Who currently develops and issues GAAP? What is the purpose of GAAP?
Chapter 3
Practice Exercises
For 3-1 and 3-2 do the following transactions:
a. list the accounts impa

9-3
Internal service funds are accounted for similarly to businesses.
William County opted to account for its duplication service center in an internal service fund. Previously the center had been accounted for in the county's general fund. During the first month in which it was accounted for as an internal service fund the ce

I am unable to find a solution to the attached problem. Please use excel for your solution.
Instructions: Present the journal entries specified below; show supporting calculations.
The trial balance of Friendly Company at December 31, 2003 includes the following:
Debits Credits
Accounts Receivable 100,000
Allow

P2-3A Journalize transactions, post, and prepare a trial balance and financial statements.
(SO 2, 4, 6, 7)
Chambers Brokerage Services Inc. was formed on May 1, 2006. The following transactions took place during the first month.
Transactions on May 1:
1. Stockholders invested $120,000 cash in the company in exchange for sto

Brief Exercise 11-1
Cardinal Company has the following obligations at December 31: (a) a note payable
for $100,000 due in 2 years, (b) a 10-year mortgage payable of $300,000 payable in ten $30,000
annual payments, (c) interest payable of $15,000 on the mortgage, and

You are the chief financial officer of a small company. At a recent meeting of the directors, an appraisal report was circulated showing the current market value of the company's property, plant, and equipment was $3,500,000. The same assets were listed on the company's balance sheet at $1,750,000. This figure represents histori

Assume Down.com was organized on May 1, 2006 to compete with Despair.com?a company that sells de-motivational posters and office products. The following events occurred during the first month of Down.com's operations.
a. Received $60,000 cash from the investors who organized Down.com Corporation.
b. Borrowed $20,000 cash and